Samvardh. Mothe. Q1 FY27 Results (NSE: MOTHERSON)
Signal: Margin expansion
The read
The trajectory remains expansionary: revenue accelerated to 16.7% YoY and EBITDA margin improved 100bps YoY to 9%, reversing the recent Q1FY26 margin trough, but the 200bps QoQ margin decline from 11% and 33.9% QoQ PAT decline show that input-cost pressure has not been fully neutralised.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35,243.77 Cr | +16.7% | +2.7% |
| EBIT | ₹1,819.57 Cr | N/A | |
| Net profit | ₹1,032.05 Cr | +70.3% | |
| EPS | ₹0.98 | +104.2% | |
| EBIT margin | 9% |
P&L walk
Consolidated revenue of ₹35243.77 crore grew 16.7% YoY and 2.7% QoQ to a record high; EBITDA of ₹3177.78 crore translated into a 9% margin, up 100bps YoY but down 200bps QoQ, while PAT of ₹1032.05 crore rose 70.3% YoY despite sequential moderation.
Segments
No segment results table was provided; the ₹1032.05 crore consolidated PAT versus ₹348.26 crore standalone PAT indicates that subsidiaries contribute materially to group earnings.
Key positives
- Revenue of ₹35243.77 crore grew 16.7% YoY and was described as the highest-ever quarterly revenue, indicating continued scale across businesses.
- EBITDA margin improved 100bps YoY to 9% despite input-cost inflation, with management citing disciplined execution and cost optimisation.
- Leverage was 0.8x, described as the lowest-ever level, supporting ₹1614 crore of Q1 capex and further organic or inorganic investment.
- Three plants were operationalised during the quarter and 13 plants were at different stages of completion, supporting the stated growth priorities.
Key concerns
- EBITDA margin fell 200bps QoQ from 11% to 9%, indicating sequential profitability pressure despite strong revenue growth.
- PAT declined 33.9% QoQ from ₹1562 crore to ₹1032.05 crore, so the YoY earnings improvement is not yet translating into a consistently improving quarterly profit trajectory.
- The filing explicitly cites input-cost inflation; the company has not disclosed a gross-margin or raw-material-cost bridge in the provided data.
- Standalone other income of ₹212.02 crore was 51.3% of standalone PBT, making parent-company earnings materially dependent on non-operating income.
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